Good now revolutionaries—

It's a no-Will Tuesday (he's still in Mexico — Evan has a theory), but Evan and Alex are fully locked in for a packed news day. They open with the SEC's new staff guidance on DeFi front ends — a five-condition framework that lets certain crypto interfaces potentially operate without broker-dealer registration. Alex breaks down what it actually means: not law, not policy, not enforcement, just "vibe guidance." The sheriff who's not enforcing anything can always be replaced. The Clarity Act is still the real prize, and it's on shaky procedural footing.

Then it's into the Circle/USDC freeze controversy — $420 million in illicit funds have escaped the platform since 2022, $285 million of it from the Drift social engineering exploit. CEO Jeremy Allaire says no freeze without a court order. Alex unpacks why that's both principled and deeply uncomfortable. Followed by Kraken's extortion incident: a criminal group threatening to release internal screen recordings of client data. Evan's scam warning is clear: anyone telling you Kraken's wallet isn't safe is trying to scam you. Then Aave at $82, HYPE at $45, and the "Aave Will Win" governance vote that redirected 100% of Aave-branded revenue to the DAO treasury. Alex cautious but moving toward a position.

The second hour belongs to the most honest breakdown of crypto marketing dysfunction you'll hear anywhere. Alex goes off — how protocols spend millions on Twitter KOLs, hit 90% churn, and ignore audiences like RUMS where actual interested retail investors live. Rise Up's CPM: $0.0069 per thousand impressions. The next-best creator in a Polygon case study was $6.88. Then a Q&A on crypto point-of-sale payments for small businesses, the Uniswap vs. Western Union fee comparison, and a heartwarming close about Radio Dan making the 20-minute trek across Philadelphia to fix Carol's computer. And Arculus — Evan closes the show by pointing to them as the example of how you tell a better story in crypto.

A big rise up. Trust Issues is tonight at 7:30pm ET with Lindsay Poss finally back.

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